Snitch Raises ₹340 Cr Funding, Valuation Jumps to ₹2,500 Crore to Fuel Expansion

Snitch, a fast-fashion direct-to-consumer (D2C) menswear brand, has secured ₹340 crore (approximately $40 million) in a combination of primary and secondary funding rounds to drive growth and expand its retail footprint.

The primary portion of the funding was led by 360 One Asset Management, with participation from Ravi Modi, founder of Vedant Fashions, which operates the ethnic wear brand Manyavar, as announced by Snitch’s founder Siddharth Dungarwal on Linkedin on Monday.

Existing investors, including Singapore-based SWC Global and early-stage venture capital firm IvyCap Ventures, also contributed to the round. The funding has elevated Snitch’s valuation to approximately ₹2,500 crore, a fivefold increase from its ₹500 crore valuation in its Series A round in December 2023.

Of the ₹340 crore raised, Bengaluru-based Snitch secured approximately ₹280 crore in primary capital, with the remaining ₹60 crore coming from secondary capital, where early investors sold shares to accommodate new investors.

In addition to strengthening its goal to dominate the Indian apparel market, Snitch plans to launch pilot operations in West Asia.

This funding aligns with Snitch’s ambitions to expand its product range, increase its offline retail presence, and grow its global footprint.

Snitch Financials

Earlier, Snitch founder Siddharth Dungarwal told ET that the company expects offline sales to contribute approximately one-third of its projected revenue of over ₹600 crore for the fiscal year ending March 2025.

According to Tracxn, Snitch recorded a revenue of ₹243 crore for FY24. The company has not yet filed its financial statements for FY25 with the Registrar of Companies.

In April, Dungarwal noted that Snitch’s revenue for FY25 grew 2.2 times compared to the previous fiscal year, with profitability increasing fivefold.

The IvyCap Ventures-backed Snitch aims to achieve a revenue of INR 1,000 crore in FY26 and plans to prepare for an IPO once it reaches a net profit of INR 100 crore.

Founded by Siddharth Dungarwal in 2019, Snitch initially focused on the offline fashion and retail sector. However, due to the Covid-19 pandemic, the startup pivoted to online operations. It offers a range of products, including shirts, jackets, hoodies, co-ords, sweaters and innerwear through its website, physical stores and e-commerce marketplaces.